SUPPLEMENT
TO PROSPECTUS SUPPLEMENT DATED December 21, 1993 (To Prospectus dated August
31, 1993)
CWMBS, INC.
Depositor
Countrywide
Home Loans, Inc.
(formerly known as Countrywide Funding Corporation)
Seller and Master Servicer
Mortgage Pass-Through Certificates, Series 1993-12
The Class A-5 certificates represent obligations of the trust only and do not
represent an interest in or obligation of CWMBS, Inc., Countrywide Home Loans,
Inc. or any of their affiliates.
This supplement may be used to offer and sell the offered certificates only if
accompanied by the prospectus supplement and the prospectus.
The Class A-5 Certificates
o This supplement relates to the offering of the Class A-5 certificates of
the series referenced above. This supplement does not contain complete
information about the offering of the Class A-5 certificates. Additional
information is contained in the prospectus supplement dated December 21,
1993 prepared in connection with the offering of the offered certificates
of the series referenced above and in the prospectus of the depositor
dated August 31, 1993. You are urged to read this supplement, the
prospectus supplement and the prospectus in full.
o As of the April 25, 2000, the class certificate balance of the Class A-5
certificates was approximately $31,710,494.
Neither the SEC nor any state securities commission has approved these
securities or determined that this supplement, the prospectus supplement or
the prospectus is accurate or complete. Any representation to the contrary is
a criminal offense.
This supplement is to be used by Countrywide Securities Corporation, an
affiliate of CWMBS, Inc. and Countrywide Home Loans, Inc., in connection with
offers and sales relating to market making transactions in the Class A-5
certificates in which Countrywide Securities Corporation acts as principal.
Countrywide Securities Corporation may also act as agent in such transactions.
Sales will be made at prices related to the prevailing prices at the time of
sale.
May 30, 2000
<PAGE>
THE MORTGAGE POOL
As of April 1, 2000 (the "Reference Date"), the Mortgage Pool included
approximately 1,239 Mortgage Loans having an aggregate Stated Principal
Balance of approximately $362,159,298.
The following table summarizes the delinquency and foreclosure experience
of the Mortgage Loans as of the Reference Date.
As of
April 1, 2000
Total Number of Mortgage Loans................................. 1,239
Delinquent Mortgage Loans and Pending Foreclosures at Period
End (1)
30-59 days............................................ 0.40%
60-90 days............................................ 0.00%
91 days or more (excluding pending foreclosures)...... 0.08%
-----
Total Delinquencies................................... 0.48%
=====
Foreclosures Pending........................................... 0.00%
-----
Total Delinquencies and foreclosures pending................... 0.48%
=====
--------------
(1) As a percentage of the total number of Mortgage Loans as of the Reference
Date.
Certain information as to the Mortgage Loans as of the Reference Date is
set forth in Exhibit 1 in tabular format. Other than with respect to rates of
interest, percentages (approximate) are stated in such tables by Stated
Principal Balance of the Mortgage Loans as of the Reference Date and have been
rounded in order to total 100.00%.
SERVICING OF MORTGAGE LOANS
The Master Servicer
Countrywide Home Loans, Inc. (formerly known as Countrywide Funding
Corporation) will continue to act as Master Servicer under the Agreement.
Foreclosure and Delinquency Experience
The following table summarizes the delinquency, foreclosure and loss
experience, respectively, on the dates indicated, of all mortgage loans
originated or acquired by Countrywide Home Loans, Inc., serviced or master
serviced by the Master Servicer and securitized by the Depositor. The
delinquency, foreclosure and loss percentages may be affected by the size and
relative lack of seasoning of such servicing portfolio which increased from
approximately $8.671 billion at February 28, 1997, to approximately $11.002
billion at February 28, 1998, to approximately $15.381 billion at February 28,
1999 and to approximately $16.801 billion at February 29, 2000. Accordingly,
the information should not be considered as a basis for assessing the
likelihood, amount or severity of delinquency or losses on the Mortgage Loans
and no assurances can be given that the foreclosure, delinquency and loss
experience presented in the table below will be indicative of such experience
on the Mortgage Loans:
<TABLE>
<CAPTION>
At February 28, (29),
---------------------------------------------------------------
1997 1998 1999 2000
---- ---- ---- ----
<S> <C> <C> <C> <C>
Delinquent Mortgage Loans and Pending
Foreclosures at Period End:
30-59 days.............................. 0.65% 1.08% 1.03% 1.37%
60-89 days.............................. 0.15 0.16 0.18 .022
90 days or more (excluding pending
foreclosures)...................... 0.16 0.16 0.12 0.16
---- ---- ---- ----
Total of delinquencies.................. 0.96% 1.40% 1.33% 1.73
==== ==== ==== ====
Foreclosures pending............................. 0.17% 0.17% 0.14% 0.36
==== ==== ==== ====
Total delinquencies and foreclosures pending..... 1.13% 1.57% 1.47% 1.99
==== ==== ==== ====
Net Gains/(Losses) on liquidated loans (1) ...... ($2,812,000) ($2,662,000) ($3,704,605) (3,076,240)
Percentage of Net Gains/(Losses) on liquidated
loans (1)(2) ............................... (0.032)% (0.024)% (0.028)% (0.0017)%
Percentage of Net Gains/(Losses) on liquidated
loans (based on average outstanding
principal balance)(1) ...................... (0.033)% (0.027)% (0.028)% (0.0018)%
-----------------
</TABLE>
(1) "Net Gains (Losses)" are actual gains or losses incurred on liquidated
properties which are calculated as net liquidation proceeds less book
value (excluding loan purchase premium or discount).
(2) Based upon the total principal balance of the mortgage loans outstanding
on the last day of the indicated period.
The following table summarizes the delinquency and foreclosure
experience, respectively, on the dates indicated, on all mortgage loans
serviced or master serviced by the Master Servicer. Such mortgage loans have a
variety of underwriting, payment and other characteristics, many of which
differ from those of the Mortgage Loans, and no assurances can be given that
the delinquency and foreclosure experience presented in the table below will
be indicative of such experience of the Mortgage Loans. The delinquency and
foreclosure percentages may be affected by the size and relative lack of
seasoning of such servicing portfolio which increased from approximately
$158.6 billion at February 28, 1997, to approximately $182.9 billion at
February 28, 1998, to approximately $215.5 billion at February 28, 1999, to
approximately $249.0 billion at February 29, 2000.
<PAGE>
<TABLE>
<CAPTION>
At February 28, (29),
---------------------------------------------------------
1997 1998 1999 2000
---- ---- ---- ----
<S> <C> <C> <C> <C>
Delinquent Mortgage Loans and Pending
Foreclosures at Period End(1):
30-59 days.............................. 2.26% 2.68% 3.05% 3.40%
60-89 days.............................. 0.52 0.58 0.21 0.25
90 days or more (excluding pending
foreclosures)...................... 0.66 0.65 0.29 0.32
---- ---- ---- ----
Total of delinquencies.................. 3.44% 3.91% 3.55% 3.97%
==== ==== ==== ====
Foreclosures pending.................... 0.71% 0.45% 0.31% 0.39%
==== ==== ==== ====
Total delinquencies and foreclosures
pending............................ 4.15% 4.36% 3.86% 4.36%
==== ==== ==== ====
</TABLE>
--------------
(1) Including loans subserviced for others.
DESCRIPTION OF THE CLASS A-5 CERTIFICATES
The Class A-5 Certificates will be entitled to receive interest in the
amount of the Interest Distribution Amount for such Class as described in the
Prospectus Supplement under "Description of the Certificates -- Interest". The
Class A-5 Certificates are allocated principal payments as described in the
Prospectus Supplement under "Description of the Certificates -- Principal --
Senior Principal Distribution Amount".
As of April 25, 2000 (the "Certificate Date"), the Class Certificate
Balance of the Class A-5 Certificates was approximately $31,710,493,
evidencing a beneficial ownership interest of approximately 8.76% in the Trust
Fund. As of the Certificate Date, the Senior Certificates had an aggregate
principal balance of approximately $334,711,513 and evidenced in the aggregate
a beneficial ownership interest of approximately 92.42% in the Trust Fund. As
of the Certificate Date, the Subordinated Certificates had an aggregate
principal balance of approximately $27,447,787, and evidenced in the aggregate
a beneficial ownership interest of approximately 7.58% in the Trust Fund. For
additional information with respect to the Class A-5 Certificates, see
"Description of the Certificates" in the Prospectus Supplement.
Reports to Certificateholders
The April 2000 monthly statement that has been furnished to
Certificateholders of record for the related Distribution Date is included
herein as Exhibit 2.
Revised Structuring Assumptions
Unless otherwise specified, the information in the tables appearing in
this Supplement under "Yield, Prepayment and Maturity Considerations --
Decrement Tables" has been prepared on the basis of the following assumed
characteristics of the Mortgage Loans and the following additional assumptions
(collectively, the "Revised Structuring Assumptions"): (i) the Mortgage Loans
consist of two Mortgage Loans with the following characteristics:
<TABLE>
<CAPTION>
Principal Balance Mortgage Rate Net Mortgage Rate Original Term to Remaining Term
----------------- ------------- -----------------
(%) (%) Maturity (in to Maturity
--- ---
months) (months)
------- ---------
<S> <C> <C> <C> <C>
$ 2,162,671.81 6.250 5.9987500 360 279
$142,706,262.26 6.750 6.4987500 360 270
$ 61,872,340.76 6.875 6.6237500 360 272
$ 1,386,082.99 6.875 6.6237500 240 154
$ 31,701,122.92 7.000 6.7487500 360 275
$ 44,755,142.26 7.125 6.8737500 360 270
$ 47,298,453.00 7.250 6.9987500 360 272
$ 11,400,732.54 7.375 7.1237500 360 274
$ 9,935,314.28 7.500 7.2487500 360 274
$ 2,425,935.78 7.625 7.3737500 360 275
$ 3,529,111.46 7.750 7.4987500 360 274
$ 2,080,237.20 7.875 7.6237500 360 280
$ 605,272.37 8.000 7.7487500 360 283
$ 300,618.54 8.250 7.9987500 360 276
</TABLE>
(ii) the Mortgage Loans prepay at the specified constant percentages of SPA
(as defined below), (iii) no defaults in the payment by Mortgagors of
principal of any interest on the Mortgage Loans are experienced, (iv)
scheduled payments on the Mortgage Loans are received on the first day of each
month commencing in the calendar month following the Reference Date and are
computed prior to giving effect to prepayments received on the last day of the
prior month, (v) prepayments are allocated as described herein without giving
effect to loss and delinquency tests, (vi) there are no Net Interest
Shortfalls and prepayments represent prepayments in full of individual
Mortgage Loans and are received on the last day of each month, commencing in
the calendar month of the Reference Date, (vii) the scheduled monthly payment
for each Mortgage Loan has been calculated based on the assumed Mortgage Loan
characteristics set forth in clause (i) above such that each Mortgage Loan
will amortize in amounts sufficient to repay the balance of such Mortgage Loan
by its indicated remaining term to maturity, (viii) the Class Certificate
Balance of the Class A-5 Certificates is $37,710,494, (ix) interest accrues on
the Class A-5 Certificates at the applicable interest rate described in the
Prospectus Supplement, (x) distributions in respect of the Certificates are
received in cash on the 25th day of each month commencing in the calendar
month following the Reference Date, (xi) the settlement date for the Class A-5
Certificates is May 30, 2000, (xii) the Seller is not required to repurchase
or substitute for any Mortgage Loan and (xiii) the Master Servicer does not
exercise the option to repurchase the Mortgage Loans described in the
Prospectus Supplement under the headings "--Optional Purchase of Defaulted
Loans" and "--Optional Termination". While it is assumed that each of the
Mortgaged Loans prepays at the specified constant percentages of SPA, this is
not likely to be the case. Moreover, discrepancies will exist between the
characteristics of the actual Mortgage Loans as of the Reference Date and
characteristics of the Mortgage Loans assumed in preparing the tables herein.
Prepayments of mortgage loans commonly are measured relative to a
prepayment standard or model. The model used in this Supplement is the
Standard Prepayment Assumption ("SPA"), which represents an assumed rate of
prepayment each month of the then outstanding principal balance of a pool of
new mortgage loans. SPA does not purport to be either an historical
description of the prepayment experience of any pool of mortgage loans or a
prediction of the anticipated rate of prepayment of any pool of mortgage
loans, including the Mortgage Loans. 100% SPA assumes prepayment rates of 0.2%
per annum of the then unpaid principal balance of such pool of mortgage loans
in the first month of the life of such mortgage loans and an additional 0.2%
per annum in each month thereafter (for example, 0.4% per annum in the second
month) until the 30th month. Beginning in the 30th month and in each month
thereafter during the life of such mortgage loans, 100% SPA assumes a constant
prepayment rate of 6.0% per annum. Multiples may be calculated from this
prepayment rate sequence. For example, 350% SPA assumes prepayment rates will
be 0.70% per annum in month one, 1.4% per annum in month two, and increasing
by 0.70% in each succeeding month until reaching a rate of 21% per annum in
month 30 and remaining constant at 21% per annum thereafter. 0% SPA assumes no
prepayments. There is no assurance that prepayments will occur at any SPA rate
or at any other constant rate.
YIELD, PREPAYMENT AND MATURITY CONSIDERATIONS
Decrement Table
The following table indicates the percentage of the Certificate Date
Principal Balance of the Class A-5 Certificates that would be outstanding
after each of the dates shown at various constant percentages of SPA and the
corresponding weighted average life thereof. The table has been prepared based
on the Revised Structuring Assumptions. It is not likely that all of the
Mortgage Loans will have the characteristics assumed, or the Mortgage Loans
will prepay at a constant percentage of SPA. Moreover, the diverse remaining
terms to maturity of the Mortgage Loans could produce slower or faster
principal distributions than indicated in the tables at the specified constant
percentages of SPA, even if the weighted average remaining term to maturity of
the Mortgage Loans is consistent with the remaining terms to maturity of the
Mortgage Loans specified in the Revised Structuring Assumptions.
Percent of Class Certificate
Balance Outstanding*
Distribution Date 0% 150% 350% 500% 600%
--------------------- --- --- --- --- ---
May 30, 2000 ........ 66 63 59 55 52
May 25, 2001 ........ 59 23 0 0 0
May 25, 2002 ........ 51 0 0 0 0
May 25, 2003 ........ 43 0 0 0 0
May 25, 2004 ........ 34 0 0 0 0
May 25, 2005 ........ 24 0 0 0 0
May 25, 2006 ........ 14 0 0 0 0
May 25, 2007 ........ 3 0 0 0 0
May 25, 2008 ........ 0 0 0 0 0
May 25, 2009 ........ 0 0 0 0 0
May 25, 2010 ........ 0 0 0 0 0
May 25, 2011 ........ 0 0 0 0 0
May 25, 2012 ........ 0 0 0 0 0
May 25, 2013 ........ 0 0 0 0 0
May 25, 2014 ........ 0 0 0 0 0
May 25, 2015 ........ 0 0 0 0 0
May 25, 2016 ........ 0 0 0 0 0
May 25, 2017 ........ 0 0 0 0 0
May 25, 2018 ........ 0 0 0 0 0
May 25, 2019 ........ 0 0 0 0 0
May 25, 2020 ........ 0 0 0 0 0
May 25, 2021 ........ 0 0 0 0 0
May 25, 2022 ........ 0 0 0 0 0
May 25, 2023 ........ 0 0 0 0 0
--- --- --- --- ---
Weighted Average Life
(years) ** .......... 4.0 0.8 0.4 0.2 0.2
---
* Rounded to the nearest whole percentage.
** Determined as specified under "Weighted Average Lives of
the Offered Certificates" in the Prospectus Supplement.
CREDIT ENHANCEMENT
As of the Reference Date, the Special Hazard Loss Coverage Amount,
Bankruptcy Loss Coverage Amount and Fraud Loss Coverage Amount were
approximately $5,817,745 and $0 and $0, respectively.
CERTAIN FEDERAL INCOME TAX CONSEQUENCES
Prospective investors should consider carefully the income tax
consequences of an investment in the Class A-5 Certificates discussed under
the sections titled "Certain Federal Income Tax Consequences" in the
Prospectus Supplement and the Prospectus, which the following discussion
supplements. Prospective investors should consult their tax advisors with
respect to those consequences.
The IRS issued final regulations on January 27, 1994 under Sections 1271
through 1273 and 1275 (the "OID Regulations"). The OID Regulations generally
are effective for debt instruments issued on or after April 4, 1994, but may
be relied upon as authority with respect to debt instruments issued after
December 21, 1992. In addition , the IRS issued final regulations (the
"Contingent Regulations") on June 11, 1996 governing the calculation of OID on
instruments having contingent interest payments. The Contingent Regulations
specifically do not apply for purposes of calculating OID on debt instruments
subject to Section 1272(a)(6), such as the Class A-5 Certificates. In
addition, the OID Regulations do not adequately address the calculation of
income with respect to prepayable securities such as the Class A-5
Certificates.
On December 30, 1997 the Internal Revenue Service (the "IRS") issued
final regulations (the "Amortizable Bond Premium Regulations") dealing with
amortizable bond premium. These regulations specifically do not apply to
prepayable debt instruments subject to Section 1272(a)(6). Absent further
guidance from the IRS, the Trustee intends to account for amortizable bond
premium in the manner described in the Prospectus. It is recommended that
prospective purchasers of the Class A-5 Certificates consult their tax
advisors regarding the possible application of the Amortizable Bond Premium
Regulations.
The Class A-5 Certificates will represent qualifying assets under Section
856(c)(4)(A). However, the Small Business and Job Protection Act of 1996, as
part of the repeal of the bad debt reserve for thrift institutions, repealed
the application of Section 593(d) for tax years beginning after December 31,
1995.
The Small Business and Job Protection Act of 1996 and Taxpayer Relief Act
of 1997 modified the definition of U.S. person with regard to trusts and gave
the IRS authority to modify the definition of U.S. person with respect to
partnerships. A trust is a "U.S. Person" if a court within the United States
is able to exercise primary supervision over the administration of the trust
and one or more United States persons have authority to control all
substantial decisions of the trust. In addition, U.S. Persons include certain
trusts that can elect to be treated as U.S. Persons.
Final regulations dealing with backup withholding and information
reporting on income paid to foreign persons and related matters (the "New
Withholding Regulations") were published in the Federal Register on October
14, 1997. In general, the New Withholding Regulations do not significantly
alter the substantive withholding and information reporting requirements, but
do unify current certification procedures and forms and clarify reliance
standards. The New Withholding Regulations generally will be effective for
payments made after December 31, 2000, subject to certain transition rules.
ERISA CONSIDERATIONS
Prospective purchasers of the Class A-5 Certificates should consider
carefully the ERISA consequences of an investment in such Certificates
discussed under "ERISA Considerations" in the Prospectus, the Prospectus
Supplement and herein, and should consult their own advisors with respect to
those consequences. As described in the Prospectus Supplement, it is expected
that the Exemption will apply to the acquisition and holding of Class A-5
Certificates by Plans and that all conditions of the Exemption other than
those within the control of purchasers of the Certificates will be met.
RATINGS
The Class A-5 Certificates are currently rated "AAA" by Duff & Phelps
Credit Rating Company and Standard & Poor's, a division of The McGraw-Hill
Companies, Inc. See "Ratings" in the Prospectus Supplement.
METHOD OF DISTRIBUTION
The Supplement is to be used by Countrywide Securities Corporation, an
affiliate of CWMBS, Inc. and Countrywide Home Loans, Inc., in connection with
offers and sales relating to market making transactions in the Class A-5
Certificates in which Countrywide Securities Corporation acts as principal.
Countrywide Securities Corporation may also act as agent in such transactions.
Sales will be made at prices relating to the prevailing prices at the time of
sale.
<PAGE>
EXHIBIT 1
-------------------------------------------------------------------------------
Mortgage Rates(1)
-------------------------------------------------------------------------------
Mortgage Rates (%) Number of Aggregate Principal Percent of
Mortgage Loans Balance Outstanding Mortgage Pool
-------------------------------------------------------------------------------
6.250 6 $2,162,671.81 0.60%
6.750 494 142,706,262.26 39.40%
6.875 219 63,258,423.75 17.47%
7.000 107 31,701,122.92 8.75%
7.125 146 44,755,142.26 12.36%
7.250 163 47,298,453.00 13.06%
7.375 40 11,400,732.54 3.15%
7.500 33 9,935,314.28 2.74%
7.625 10 2,425,935.78 0.67%
7.750 11 3,529,111.46 0.97%
7.875 8 2,080,237.20 0.57%
8.000 1 605,272.37 0.17%
8.250 1 300,618.54 0.08%
-------------------------------------------------------------------------------
Total 1,239 $362,159,298.17 100.00%
===============================================================================
(1) As of the Reference Date, the weighted average Mortgage Rate of the
Mortgage Loans is approximately 6.968%.
Current Mortgage Loan Principal Balances(1)
-------------------------------------------------------------------------------
Current Mortgage Loan Number of Aggregate Principal Percent of
Principal Balance Mortgage Loans Balance Outstanding Mortgage Pool
-------------------------------------------------------------------------------
$0--$50,000 5 $0.00 0.00%
$50,001-- $100,000 8 718,100.67 0.20%
$100,001--$150,000 16 1,896,704.83 0.52%
$150,001--$200,000 122 22,889,441.30 6.32%
$200,001--$250,000 407 91,161,569.79 25.17%
$250,001--$300,000 258 70,732,725.76 19.53%
$300,001--$350,000 147 47,529,562.22 13.12%
$350,001--$400,000 99 36,674,936.86 10.13%
$400,001--$450,000 53 22,406,348.30 6.19%
$450,001--$500,000 48 22,740,447.18 6.28%
$500,001--$550,000 30 15,860,591.76 4.38%
$550,001--$600,000 25 14,334,873.37 3.96%
$600,001--$650,000 7 4,324,782.24 1.19%
$650,001--$750,000 5 3,436,238.12 0.95%
$750,001--$1,000,000 9 7,452,975.77 2.06%
-------------------------------------------------------------------------------
Total 1,239 $362,159,298.17 100.00%
===============================================================================
(1) As of the Reference Date, the average current Mortgage Loan principal
balance is approximately $292,299.68.
<PAGE>
Original Loan-To-Value Ratios(1)
Original Loan-To-Value Number of Aggregate Principal Percent of
Ratios (%) Mortgage Loans Balance Outstanding Mortgage Pool
--------------------------------------------------------------------------------
50.00 and below 88 $27,771,822.83 7.67%
50.01 to 55.00 42 12,989,104.73 3.59%
55.01 to 60.00 81 25,010,592.39 6.91%
60.01 to 65.00 104 32,019,682.65 8.84%
65.01 to 70.00 161 48,722,957.75 13.45%
70.01 to 75.00 181 56,058,651.59 15.48%
75.01 to 80.00 433 123,633,576.42 34.14%
80.01 to 85.00 15 4,041,393.01 1.12%
85.01 to 90.00 134 31,911,516.80 8.81%
--------------------------------------------------------------------------------
Total 1,239 $362,159,298.17 100.00%
================================================================================
(1) The weighted average original Loan-To-Value Ratio of the Mortgage Loans is
approximately 70.81%.
State Distribution of Mortgage Properties(1)
State Number of Aggregate Principal Percent of
Mortgage Loans Balance Outstanding Mortgage Pool
-------------------------------------------------------------------------------
California 799 $239,546,845.80 66.14%
Hawaii 25 9,234,870.01 2.55%
Massachusetts 35 9,414,976.64 2.60%
New York 27 7,830,794.90 2.16%
Washington 40 11,593,966.38 3.20%
Other (less than 2%) 313 84,537,844.44 23.34%
-------------------------------------------------------------------------------
Total 1,239 $362,159,298.17 100.00%
===============================================================================
(1) Other includes 32 other states and the District of Columbia with under 2%
concentration individually.
Purpose of Mortgage Loans
Loan Purpose Number of Aggregate Principal Percent of
Mortgage Loans Balance Outstanding Mortgage Pool
--------------------------------------------------------------------------------
Purchase 419 $118,620,749.70 32.75%
Refinance (rate/term) 691 207,484,064.87 57.29%
Refinance (cash out) 129 36,054,483.60 9.96%
--------------------------------------------------------------------------------
Total 1,239 $362,159,298.17 100.00%
================================================================================
<PAGE>
Remaining Terms to Maturity(1)
Remaining Term to Maturity Number of Aggregate Principal Percent of
(Months) Mortgage Balance Outstanding Mortgage Pool
Loans
--------------------------------------------------------------------------------
285-270 923 $281,806,783.11 77.81%
269-250 135 36,615,150.49 10.11%
249-230 65 17,204,482.50 4.75%
229-210 34 8,077,195.47 2.23%
209-190 32 7,880,714.36 2.18%
189-160 26 6,885,748.08 1.90%
159-100 13 2,943,783.02 0.81%
99-0 11 745,441.14 0.21%
--------------------------------------------------------------------------------
Total 1,239 $362,159,298.17 100.00%
================================================================================
(1) As of the Reference Date, the weighted average remaining term to maturity
of the Mortgage Loans is approximately 271 months.
Documentation Program for Mortgage Loans
Type of Program Number of Aggregate Principal Percent of
Mortgage Balance Outstanding Mortgage Pool
Loans
--------------------------------------------------------------------------------
Full 552 $162,106,951.47 44.76%
Alternative 613 182,563,598.05 50.41%
Reduced 45 9,437,529.51 2.61%
Streamlined 29 8,051,219.14 2.22%
--------------------------------------------------------------------------------
Total 1,239 $362,159,298.17 100.00%
================================================================================
Types of Mortgaged Properties
Property Type Number of Aggregate Principal Percent of
Mortgage Balance Outstanding Mortgage Pool
Loans
--------------------------------------------------------------------------------
Single Family 1,003 $293,346,939.79 81.00%
Condominium 24 6,990,486.37 1.93%
Two-to Four-Family 2 464,195.10 0.13%
Planned Unit Development 210 61,357,676.91 16.94%
(PUD)
--------------------------------------------------------------------------------
Total 1,239 $362,159,298.17 100.00%
================================================================================
Occupancy Types(1)
Occupancy Type Aggregate Number Aggregate Principal Percent of
of Mortgage Loans Balance Outstanding Mortgage Pool
-------------------------------------------------------------------------------
Primary Residence 1,226 $357,944,205.07 98.84%
Second Residence 13 4,215,093.10 1.16%
------------------------------------------------------------------------------
Total 1,239 $362,159,298.17 100.00%
===============================================================================
(1) Based upon representations of the related Mortgagors at the time of
origination.
<PAGE>
EXHIBIT 2
THE
BANK OF
NEW
YORK
101 Barclay Street
New York, NY 102286
Attn: Courtney Bartholomew
212-815-5795
<TABLE>
<CAPTION>
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1993-12
Certificateholder Monthly Distribution Summary
---------------------------------------------------------------------------------------------------------------------------------
Pass
Class Certificate Beginning Through Principal Interest Total
Class Cusip Description Rate Type Balance Rate (%) Distribution Distribution Distribution
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Al 126690LD6 Senior Fix-30/360 0.00 5.500000 0.00 0.00 0.00
A2 126690LE4 Senior Fix-30/360 16,756,095.07 6.000000 469,536.17 83,780.48 553,316.65
A3 126690LF1 Senior Fix-30/360 0.00 6.000000 0.00 0.00 0.00
A4 126690LG9 Senior Fix-30/360 0.00 5.850000 0.00 0.00 0.00
A5 126690LH7 Senior Fix-30/360 32,624,696.80 6.000000 914,203.17 163,123.48 1,077,326.65
A6 126690LJ3 Senior Fix-30/360 55,915,000.00 6.300000 0.00 293,553.75 293,553.75
A7 126690LK0 Senior Fix-30/360 81,405,000.00 6.450000 0.00 437,551.87 437,551.87
A8 126690LL8 Senior Fix-30/360 26,644,734.90 9.000000 364,141.93 199,835.51 563,977.44
A9 126690LM6 Senior Fix-30/360 54,627,000.00 6.625000 0.00 301,586.56 301,586.56
A10 126690LN4 Senior Fix-30/360 41,715,000.00 6.625000 0.00 230,301.56 230,301.56
A11 126690LP9 Senior Fix-30/360 23,836,000.00 6.625000 0.00 131,594.58 131,594.58
PO 126690LQ7 Strip PO Fix-30/360 2,956,681.82 0.000000 20,814.44 0.00 20,814.44
X 126690LR5 Strip 10 Fix-30/360 154,682,117.02 0.341978 0.00 44,081.61 44,081.61
AR 126690LS3 Senior Fix-30/360 0.00 6.625000 0.00 0.00 0.00
---------------------------------------------------------------------------------------------------------------------------------
M 126690LX2 Mezzanine Fix-30/360 8,350,866.19 6.625000 24,855.13 46,103.74 70,958.88
B1 9,370,797.60 6.625000 27,890.81 51,734.61 79,625.43
Bl-1 126690LT1 Junior Fix-30/360 7,496,759.12 6.625000 22,313.01 41,388.36 63,701.37
Bl -2 126690LT1 Junior Fix-30/360 1,874,038.48 6.625000 5,577.80 10,346.25 15,924.06
B2 126690LU8 Junior Fix-30/360 2,087,547.32 6.625000 6,213.28 11,525.00 17,738.28
B3 0.00 0.000000 0.00 0.00 0.00
B3-1 12669OLV6 Junior Fix-30/360 0.00 6.625000 0.00 0.00 0.00
B3-2 126690LV6 Junior Fix-30/360 0.00 6.625000 0.00 0.00 0.00
B3-3 126690LV6 Junior Fix-30/360 0.00 6.625000 0.00 0.00 0.00
B4 126690LW4 Junior Fix-30/360 1,320,528.58 6.625000 3,930.36 7,290.42 11,220.78
B5 126690PB6 Junior Fix-30/360 3,169,268.97 6.625000 9,432.87 17,497.01 26,929.87
B6 126690PC4 Junior Fix-30/360 1,584,634.52 6.625000 4,716.43 8,748.50 13,464.94
B7 I26690PD2 Junior Fix-30/360 1,646,082.38 6.625000 4,899.32 9,087.75 13,987.07
---------------------------------------------------------------------------------------------------------------------------------
Totals 364,009,934.15 1,850,633.91 2,037,396.43 3,888,030.36
---------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------
Current Cumulative
Realized Realized
Class Losses Ending Balance Losses
------------------------------------------------------------
<S> <C> <C> <C>
Al 0.00 0.00 0.00
A2 0.00 16,286,558.90 0.00
A3 0.00 0.00 0.00
A4 0.00 0.00 0.00
A5 0.00 31,710,493.63 0.00
A6 0.00 55,915,000.00 0.00
A7 0.00 81,405,000.00 0.00
A8 0.00 26,280,592.97 0.00
A9 0.00 54,627,000.00 0.00
A10 0.00 41,715,000.00 0.00
A11 0.00 23,836,000.00 0.00
PO 0.00 2,935,867.38 0.00
X 0.00 154,031,940.35 0.00
AR 0.00 0.00 0.00
------------------------------------------------------------
M 0.00 8,326,011.06 0.00
B1 0.00 9,342,906.79 0.00
Bl-1 0.00 7,474,446.11 0.00
Bl -2 0.00 1,868,460.68 0.00
B2 0.00 2,081,334.04 0.00
B3 0.00 0.00 0.00
B3-1 0.00 0.00 0.00
B3-2 0.00 0.00 0.00
B3-3 0.00 0.00 0.00
B4 0.00 1,316,598.22 0.00
B5 0.00 3,159,836.10 0.00
B6 0.00 1,579,918.08 0.00
B7 0.001 1,641,183.05 171,869.89
------------------------------------------------------------
Totals 0.00 362,159,300.22 171,869.89
------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1993-12
Principal Distribution Detail
-----------------------------------------------------------------------------------------------------------------------
Original Beginning Scheduled Unscheduled Net
Certificate Certificate Principal Accretion Principal Principal
Class Cusip Balance Balance Distribution Principal Adjustments Distribution
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Al 126690LD6 84,246,000.00 0.00 0.00 0.00 0.00 0.00
A2 126690LE4 39,729,000.00 16,756,095.07 469,536.17 0.00 0.00 469,536.17
A3 126690LFI 25,024,000.00 0.00 0.00 0.00 0.00 0.00
A4 126690LG9 19,864,000.00 0.00 0.00 0.00 0.00 0.00
A5 126690LH7 47,274,000.00 32,624,696.80 914,203.17 0.00 0.00 914,203.17
A6 126690LJ3 55,915,000.00 55,915,000.00 0.00 0.00 0.00 0.00
A7 126690LKO 81,405,000.00 81,405,000.00 0.00 0.00 0.00 0.00
A8 126690LL8 89,518,516.00 26,644,734.90 364,141.93 0.00 0.00 364,141.93
A9 126690LM6 54,627,000.00 54,627,000.00 0.00 0.00 0.00 0.00
Al 0 126690LN4 41,715,000.00 41,715,000.00 0.00 0.00 0.00 0.00
Al 1 126690LP9 23,836,000.00 23,836,000.00 0.00 0.00 0.00 0.00
PO 126690LQ7 4,458,588.00 2,956,681.82 20,814.44 0.00 0.00 20,814.44
X 126690LR5 279,944,151.15 154,682,117.02 0.00 0.00 0.00 0.00
AR 126690LS3 1,000.00 0.00 0.00 0.00 0.00 0.00
-------------------------------------------------------------------------------------------------------------------------
M 126690LX2 8,911,594.00 8,350,866.19 24,855.13 0.00 0.00 24,855.13
Bl 10,000,000.00 9,370,797.60 27,890.81 0.00 0.00 27,890.81
Bl-1 126690LTI 8,000,137.00 7,496,759.12 22,313.01 0.00 0.00 22,313.01
Bl-2 126690LTI 1,999,863.00 1,874,038.48 5,577.80 0.00 0.00 5,577.80
B2 126690LU8 2,227,707.00 2,087,547.32 6,213.28 0.00 0.00 6,213.28
B3 1,415,587.00 0.00 0.00 0.00 0.00 0.00
B3-1 126690LV6 1,061,691.00 0.00 0.00 0.00 0.00 0.00
B3-2 126690LV6 265,422.00 0.00 0.00 0.00 0.00 0.00
B3-3 126690LV6 88,474.00 0.00 0.00 0.00 0.00 0.00
B4 126690LW4 1,409,190.00 1,320,528.58 3,930.36 0.00 0.00 3,930.36
B5 126690PB6 3,594,394.00 3,169,268.97 9,432.87 0.00 0.00 9,432.87
B6 126690PC4 1,797,197.00 1,584,634.52 4,716.43 0.00 0.00 4,716.43
B7 126690PD2 2,096,729.15 1,646,082.38 4,899.32 0.00 0.00 4,899,32
-------------------------------------------------------------------------------------------------------------------------
Totals 599,065,502.15 364,009,934.15 1,850,633.91 0.00 0.00 1,850,633.91
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------
Current Ending Ending
Realized Certificate Certificate
Losses Balance Factor
-------------------------------------------------------
<S> <C> <C> <C>
Al 0.00 0.00 0.00000000000
A2 0.00 16,286,558.90 0.40994132494
A3 0.00 0.00 0.00000000000
A4 0.00 0.00 0.00000000000
A5 0.00 31,710,493.63 0.67078084425
A6 0.00 55,915,000.00 1.00000000000
A7 0.00 81,405,000.00 1.00000000000
A8 0.00 26,280,592.97 0.29357717421
A9 0.00 54,627,000.00 1.00000000000
Al 0 0.00 41,715,000.00 1.00000000000
Al 1 0.00 23,836,000.00 1.00000000000
PO 0.00 2,935,867.38 0.65847469597
X 0.00 154,031,940.35 0.55022382042
AR 0.00 0.00 0.00000000000
------------------------------------------------------
M 0.00 8,326,011.06 0.93428976405
Bl 0.00 9,342,906.79 0.93429067900
Bl-1 0.00 7,474,446.11 0.93428976405
Bl-2 0.00 1,868,460.68 0.93429433961
B2 0.00 2,081,334.04 0.93429433961
B3 0.00 0.00 0.00000000000
B3-1 0.00 0.00 0.00000000000
B3-2 0.00 0.00 0.00000000000
B3-3 0.00 0.00 0.00000000000
B4 0.00 1,316,598.22 0.93429432432
B5 0.00 3,159,836.10 0.87910120649
B6 0.00 1,579,918.08 0.87910122437
B7 0.00 1,641,183.05 0.78273488560
------------------------------------------------------
Totals 0.00 362,159,300.22
------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1993-12
Interest Distribution Detail
---------------------------------------------------------------------------------------------------------------------------------
Accrued
Beginning Pass Through Rate Optimal Cumulative Deferred Total
Class Certificate Balance (%) Interest Unpaid Interest Interest Interest Due
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A1 0.00 5.500000 0.00 0.00 0.00 0.00
A2 16,756,095.07 6.000000 83,780.48 0.00 0.00 83,780.48
A3 0.00 6.000000 0.00 0.00 0.00 0.00
A4 0.00 5.850000 0.00 0.00 0.00 0.00
A5 32,624,696.80 6.000000 163,123.48 0.00 0.00 163,123.48
A6 55,915,000.00 6.300000 293,553.75 0.00 0.00 293,553.75
A7 81,405,000.00 6.450000 437,551.87 0.00 0.00 437,551.87
A8 26,644,734.90 9.000000 199,835.51 0.00 0.00 199,835.51
A9 54,627,000.00 6.625000 301,586.56 0.00 0.00 301,586.56
A10 41,715,000.00 6.625000 230,301.56 0.00 0.00 230,301.56
A11 23,836,000.00 6.625000 131,594.58 0.00 0.00 131,594.58
PO 2,956,681.82 0.000000 0.00 0.00 0.00 0.00
X 154,682,117.02 0.341978 44,081.61 0.00 0.00 44,081.61
AR 0.00 6.625000 0.00 0.00 0.00 0.00
---------------------------------------------------------------------------------------------------------------------------------
M 8,350,866.19 6.625000 46,103.74 0.00 0.00 46,103.74
Bl 9,370,797.60 6.625000 51,734.61 0.00 0.00 51,734.61
Bl-1 7,496,759.12 6.625000 41,388.36 0.00 0.00 41,388.36
Bl-2 1,874,038.48 6.625000 10,346.25 0.00 0.00 10,346.25
B2 2,087,547.32 6.625000 11,525.00 0.00 0.00 11,525.00
B3 0.00 0.000000 0.00 0.00 0.00 0.00
B3-1 0.00 6.62500 0.00 0.00 0.00 0.00
B3-2 0.00 6.625000 0.00 0.00 0.00 0.00
B3-3 0.00 6.625000 0.00 0,00 0.00 0.00
B4 1,320,528.58 6.625000 7,290.42 0.00 0.00 7,290.42
B5 3,169,268.97 6.625000 17,497.01 0.00 0.00 17,497.01
B6 1,584,634.52 6.625000 8,748.50 0.00 0.00 8,748.50
B7 1,646,082.38 1 6.625000 9,087.75 0.00 0.00 9,087.75
---------------------------------------------------------------------------------------------------------------------------------
Totals 364,009,934.15 2,037,396.43 0.00 0.00 2,037,396.43
---------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------
Net
Prepayment Unscheduled
Int Interest
Class Shortfall Adjustment Interest Paid
-----------------------------------------------------------------
<S> <C> <C> <C>
A1 0.00 0.00 0.00
A2 0.00 0.00 83,780.48
A3 0.00 0.00 0.00
A4 0.00 0.00 0.00
A5 0.00 0.00 163,123.48
A6 0.00 0.00 293,553.75
A7 0.00 0.00 437,551.87
A8 0.00 0.00 199,835.51
A9 0.00 0.00 301,586.56
A10 0.00 0.00 230,301.56
A11 0.00 0.00 131,594.58
PO 0.00 0.00 0.00
X 0.00 0.00 44,081.61
AR 0.00 0.00 0.00
------------------------------------------------------------------
M 0.00 0.00 46,103.74
Bl 0.00 0.00 51,734.61
Bl-1 0.00 0.00 41,388.36
Bl-2 0.00 0.00 10,346.25
B2 0.00 0.00 11,525.00
B3 0.00 0.00 0.00
B3-1 0.00 0.00 0.00
B3-2 0.00 0.00 0.00
B3-3 0.00 0.00 0.00
B4 0.00 0.00 7,290.42
B5 0.00 0.00 17,497.01
B6 0.00 0.00 8,748.50
B7 0.00 0.00 9,087.75
-------------------------------------------------------------------
Totals 0.00 0.00 2,037,396.43
-------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1993-12
Current Payment Information
Factors per $1, 000
----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Cert. Principal
Class Cusip Certificate Balance Notional Balance Distribution Interest Distribution
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Al 126690LD6 84,246,000.00 0.000000000 0.000000000 0.000000000
A2 126690LE4 39,729,000.00 421.759799399 11.818474460 2.108798997
A3 12669OLFI 25,024,000.00 0.000000002 0.000000000 0.000000000
A4 126690LG9 19,864,000.00 0.000000000 0.000000000 0.000000000
A5 126690LH7 47,274,000.00 690.119236834 19.338392579 3.450596184
A6 126690LJ3 55,915,000.00 1,000.000000000 0.000000000 5.250000000
A7 126690LKO 81,405,000.00 1,000.000000000 0.000000000 5.375000000
A8 126690LL8 89,518,516.00 297.644957598 4.067783388 2.232337182
A9 126690LM6 54,627,000.00 1,000.000000000 0.000000000 5.520833333
Al0 126690LN4 41,715,000.00 1,000.000000000 0.000000000 5.520833333
A11 126690LP9 23,836,000.00 1,000.000000000 0.000000000 5.520833333
PO 126690LQ7 4,458,588.00 663.143088344 4.668392370 0.000000000
X 126690LR5 279,944,151.15 552.546343207 0.000000000 0.157465745
AR 12669OLS3 1,000.00 0.000000000 0.000000000 0.000000000
----------------------------------------------------------------------------------------------------------------------------------
M 126690LX2 8,911,594.00 937.078842521 2.789078471 5.173456110
Bl 10,000,000.00 937.079760000 2.789081000 5.173461000
Bl-1 12669OLTI 8,000,137.00 937.078842521 2.789078471 5.173456110
Bl-2 12669OLTI 1,999,863.00 937.083431736 2.789092130 5.173481446
B2 126690LU8 2,227,707.00 937.083431736 2.789092130 5.173481446
B3 1,415,587.00 0.000000000 0.000000000 0.000000000
B3-1 12669OLV6 1,061,691.00 0.000000000 0.000000000 0.000000000
B3-2 126690LV6 265,422.00 0.000000000 0.000000000 0.000000000
B3-3 126690LV6 88,474.00 0.000000000 0.000000000 0.000000000
B4 12669OLW4 1,409,190.00 937.083416405 2.789092085 5.173481361
B5 126690PB6 3,594,394.00 881.725533909 2.624327423 4.867859718
B6 126690PC4 1,797,197.00 881.725551844 2.624327477 4.867859817
B7 126690PD2 2,096,729.15 785.071536496 2.336650900 4.334249108
----------------------------------------------------------------------------------------------------------------------------------
Totals 599,065,502.15 607.629604515 3.089201270 3.400957696
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------
Ending Certificate Pass Through
Class Notional Balance Rate (%)
----------------------------------------------------
<S> <C> <C>
Al 0.000000000 5.500000
A2 409.941324939 6.000000
A3 0.000000002 6.000000
A4 0.000000000 5.850000
A5 670.780844255 6.000000
A6 1,000.000000000 6.300000
A7 1,000.000000000 6.450000
A8 293.577174210 9.000000
A9 1,000.000000000 6.625000
Al0 1,000.000000000 6.625000
A11 1,000.000000000 6.625000
PO 658.474695974 0.000000
X 550.223820420 0.341978
AR 0.000000000 6.625000
----------------------------------------------------
M 934.289764050 6.625000
Bl 934.290679000 6.625000
Bl-1 934.289764050 6.625000
Bl-2 934.294339606 6.625000
B2 934.294339606 6.625000
B3 0.000000000 0.000000
B3-1 0.000000000 6.625000
B3-2 0.000000000 6.625000
B3-3 0.000000000 6.625000
B4 934.294324320 6.625000
B5 879.101206485 6.625000
B6 879.101224367 6.625000
B7 782.734885596 6.625000
----------------------------------------------------
Totals 604.540403212
----------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1993-12
<S> <C>
Pool Level Data 4/25/00
Distribution Date 12/1/93
Cut-off Date 4/1/00
Determination Date 3/1/00
Accrual Period Begin 4/1/00
End
Number of Days in Accrual Period 31
---------------------------------------------------------------------------------------------
Collateral Information
---------------------------------------------------------------------------------------------
Group 1
Cut-Off Date Balance 0.00
Beginning Aggregate Pool Stated Principal Balance 364,009,932.31
Ending Aggregate Pool Stated Principal Balance 362,159,298.17
Beginning Aggregate Certificate Stated Principal Balance 364,009,934.14
Ending Aggregate Certificate Stated Principal Balance 362,159,300.22
Beginning Aggregate Loan Count 1246
Loans Paid Off or Otherwise Removed Pursuant to Pooling and Servicing Agreement 7
Ending Aggregate Loan Count 1239
Beginning Weighted Average Loan Rate (WAC) 6.967758%
Ending Weighted Average Loan Rate (WAC) 6.968026%
Beginning Net Weighted Average Loan Rate 6.716508%
Ending Net Weighted Average Loan Rate 6.716776%
Weighted Average Maturity (WAM) (Months) 283
Servicer Advances 17,718.00
Aggregate Pool Prepayment 1,274,645.84
Pool Prepayment Rate 4.1220 CPR
---------------------------------------------------------------------------------------------
Certificate Information
---------------------------------------------------------------------------------------------
Group 1
Senior Percentage 92.3751620081%
Senior Prepayment Percentage 96.9500648032%
Subordinate Percentage 7.6248379919%
Subordinate Prepayment Percentage 3.0499351968%
Certificate Account
Beginning Balance 0.00
Deposit
Payments of Interest and Principal 3,962,670.22
Liquidation Proceeds 0.00
All Other Proceeds 0.00
Other Amounts 0.00
Total Deposits 3,9629670.22
Withdrawals
Reimbursement of Servicer Advances 0.00
Payment of Master Servicer Fees 118,721.46
Payment of Sub Servicer Fees 0.00
Payment of Other Fees 75,019.02
Payment of Insurance Premium (s) 0.00
Payment of Personal Mortgage Insurance 0.00
Other Permitted Withdrawal per the Pooling and Service Agreement 0.00
Payment of Principal and Interest 3,888,030.37
Total Withdrawals 4,0819770.85
Ending Balance -44,081.61
Prepayment Compensations
Total Gross Prepayment Interest Shortfall 1,195.56
Compensation for Gross PPIS from Servicing Fees 1,195.56
Other Gross PPIS Compensation 0.00
Total Net PPIS (Non-Supported PPIS) 0.00
Master Servicing Fees Paid 118,721.46
Sub Servicing Fees Paid 0.00
Insurance Premiums Paid 0.00
Personal Mortgage Insurance Fees Paid 0.00
Other Fees Paid 75,019.02
Total Fees 193,740.48
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------
Delinquency Information
------------------------------------------
Group I
<S> <C> <C> <C> <C>
Delinquency 30 - 59 Days 60 - 89 Days 90+ Days Totals
Scheduled Principal Balance 1,601,556.40 0.00 223,356.65 1,824,913.05
Percentage of Total Pool Balance 0.442224% 0.000000% 0.061674% 0.503898%
Number of Loans 5 0 1 6
Percentage of Total Loans 0.403551% 0.000000% 0.080710% 0.484262%
Foreclosure
Scheduled Principal Balance 0.00 0.00 0.00 0.00
Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 0.000000%
Number of Loans 0 0 0 0
Percentage of Total Loans 0.000000% 0.000000% 0.000000% 0.000000%
Bankruptcy
Scheduled Principal Balance 0.00 0.00 0.00 0.00
Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 0.000000%
Number of Loans 0 0 0 0
Percentage of Total Loans 0.000000% 0.000000% 0.000000% 0.000000%
REO
Scheduled Principal Balance 0.00 0.00 0.00 650,582.92
Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 0.179640%
Number of Loans 0 0 0 1
Percentage of Total Loans 0.000000% 0.000000% 0.000000% 0.080710%
Book Value of all REO Loans 0.00
Percentage of Total Pool Balance 0.000000%
Current Realized Losses 0.00
Additional Gains (Recoveries)/Losses 0.00
Total Realized Losses 171,869.89
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
Subordination/Credit Enhancement Information
-------------------------------------------------------------------------------------------------------
Protection Original Current
<S> <C> <C>
Bankruptcy Loss 158,454.00 0.00
Bankruptcy Percentage 0.026450% 0.000000%
Credit/Fraud Loss 11,981,310.04 0.00
Credit/Fraud Loss Percentage 2.000000% 0.000000%
Special Hazard Loss 8,534,380.00 5,817,744.71
Special Hazard Loss Percentage 1.424616% 1.606405%
Credit Support Original Current
Class A 567,613,104.00 334,711,512.87
Class A Percentage 94.749756% 92.421073%
Class M 8,911,594.00 8,326,011.06
Class M Percentage 1.487583% 2.298991%
Class B1 8,000,137.00 7,474,446.11
Class B1 Percentage 1.335436% 2.063856%
Class B1 1,999,863.00 1,868,460.68
Class B1 Percentage 0.333830% 0.515922%
Class B2 2,227,707.00 2,081,334.04
Class B2 Percentage 0.371864% 0.574701%
Class B3 1,061,691.00 0.00
Class B3 Percentage 0.177225% 0.000000%
Credit Support Original Current
Class B3 265,422.00 0.00
Class B3 Percentage 0.044306% 0.000000%
Class B3 88,474.00 0.00
Class B3 Percentage 0.014769% 0.000000%
Class B4 1,409,190.00 1,316,598.22
Class B4 Percentage 0.235231% 0.363541%
Class B5 3,594,394.00 3,159,836.10
Class B5 Percentage 0.600000% 0.872499%
Class B6 1,797,197.00 1,579,918.08
Class B6 Percentage 0.300000% 0.436249%
Class B7 2,096,729.15 1,641,183.05
Class B7 Percentage 0.350000% 0.453166%
</TABLE>
